Unemployment rate under 2% from 1988 to 1990. In the final quarter of 1991, the rate fell to 1.8%. Provisional figure for period Aug-Oct 92 is 2.0%. Hong Kong has good labour relations with only 202 man-days lost in 1991 due to labour disputes.
A world-class convention centre. Exhibition schedule very tight up to mid-1990s. An extension of the present facility is being planned.
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Tourism
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Tourism spending in Jan-Sept 1992 was $33.0 billion, up 22.1% over the same period in 1991, one of the world's top destinations. Tourism receipts in 1991 amounted to US$5,097 million and for the first three quarters of 1992, US$4,225 million. Visitors arrivals (6.0 million) in 1991, highest in Asia.
The number of tourists arriving in Jan-Sept 1992 was 5.1 million up by 17.8% over Jan-Sept 1991 (increase of about 770,000 tourists). Hotel room occupancy rate 80% in Jan-Sept 92.
Property
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In the third quarter of 1992, the residential property market underwent some consolidation after active trading and price upsurge during earlier quarters. Average prices of residential flats were about 20% higher than a year earlier.
Residential mortgage loan increased by 12% during the first nine months of 1992. Compared with the same period in 1991, the year-on-year growth rate slowed down from 25% at end-June to 20% at end-December.
Office rental showed moderate increase while the sales market remained buoyant.
Demand for new industrial buildings, with
ancillary office use strengthened.
15 institutions participated in HK$3.36 billion, 7 year loan for 73 storey office tower - Central Plaza in Wanchai.
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